- Accessories
- Accommodation
- Accounting
- Airline
- Analytics
- Auction site
- Bank
- Beauty
- Bike Rental
- Biotechnology
- Books
- CRM
- Call center software
- Cameras
- Car company
- Cards
- Chrome plugin
- Clothing
- Coffee
- Collaboration
- Community
- Contact lenses
- Crowd funding
- Cryptocurrency
- Customer support
- Dating
- Department store
- Design tools
- Developer tools
- Digital printing
- Direct to consumer
- Domain names
- E-commerce
- E-commerce store builder
- Education
- Electronic signatures
- Electronic signitatures
- Electronics
- Email Service Provider
- Email marketing
- Entertainment
- Event management
- Fashion
- Finance
- Fitness
- Flight comparisons
- Food
- Food delivery
- Form builder
- Freelancer tools
- Furniture
- Game
- Gaming
- Gifts
- Glasses
- Greetings cards
- Groceries
- Hair
- Health
- Hiring
- Hotel comparison
- Hotels
- Insurance
- Investing
- Jewellery
- Landing page builder
- Language learning
- Lingerie
- Live chat
- Makeup
- Marijuana delivery
- Marketing
- Marketplace
- Mattress company
- Meal delivery kits
- Media
- Messaging
- Music
- NFT
- News
- No-code
- Nutrition
- Online courses
- Online-course-platform
- Outdoor store
- Password manager
- Payments
- Personal Finance
- Pharmacy
- Photography
- Podcast Hosting
- Podcasts
- Productivity
- Project management
- Property
- Proposal software
- Real estate
- Ride sharing
- Running
- SEO
- SaaS
- Sales tools
- Scooters
- Shoes
- Social network
- Software
- Sportsware
- Subscription boxes
- Swimwear
- T-shirt Printing
- Talent
- Telco
- Trains
- Transport
- Travel
- Underwear
- VPN
- Video hosting
- Video streaming
- Voucher/Coupon Sites
- Watches
- Web hosting
- Website builder
- Workforce management
- Writing
- & Other Stories
- &Open
- 1&1
- 1Password
- 3dcart
- 6pm
- A.C. Moore
- ANNA by RadLabs
- ASOS
- AT&T
- AVI-8
- AYR
- Abercrombie
- Accessorize
- Ace Hardware
- ActiveCampaign
- Acura
- Acuvue
- Adapt
- Adidas
- Airbnb
- Aircall
- Airtable
- Alaska Air
- All Saints
- Allbirds
- Amazon
- Ambronite
- American Airlines
- American Apparel
- Anchor
- Ann Taylor
- Antidote Street
- Apple
- Armani Exchange
- Armogan
- Asana
- Astley Clarke
- Audemars Piguet
- Auverture
- BBC iPlayer
- BECCA Cosmetics
- Baremetrics
- Barnes and Noble
- Basecamp
- Bath & Body Works
- Beans
- Bearbottom Clothing
- Beaver Brooks
- Ben Sherman
- Bend
- Bespoke Post
- Best Buy
- Big Cartel
- BigCommerce
- Binance
- Birchbox
- BitClout
- Bite
- Black Opal Beauty
- Blinkist
- Blue Apron
- Bluehost
- Bobbi Brown
- Bonlook
- Bonobos
- Boohoo
- Booking.com
- Boots
- Box
- Bravissimo
- Breaker
- Breitling
- Brightedge
- British Airways
- BrowserStack
- Bubble
- Buffer
- Busuu
- Bynder
- CVS
- Cadillac
- CafePress
- Calendly
- Calm
- Candy Club
- Canny
- Canon
- Canva
- Carbonmade
- Careem
- Carrd
- Cars.com
- Cartier
- Cash App
- Casper
- Caviar
- ChartMogul
- Chevrolet
- Chilewich
- Chococurb
- Chubbies
- Circle
- Claire's
- Clarks
- ClassPass
- ClickFunnels
- ClickUp
- Clinique
- Cloudflare
- Clubhouse
- Clue
- Coach
- Coastal
- Coda
- Coinbase
- Conductor
- ConvertKit
- CopyAI
- Costco
- Coursera
- Cover FX
- Craft
- Craigslist
- Crypto.com
- Cult Furniture
- Customer.io
- DFS
- Daisy Jewellery
- Daniel Wellington
- Debenhams
- Deliveroo
- Delivery.com
- Delta
- Depop
- Deputy
- Descript
- DesignByHümans
- Designer Shoe Warehouse
- Discord
- Disney+
- Djusie
- DocuSign
- Dollar Shave Club
- Domino's
- DoorDash
- Dorelan
- Dorothy Perkins
- Drip
- Dropbox
- Dropbox Paper
- Drops
- Duda
- Duolingo
- Dwell
- EasyJet
- Eaze
- Elevate
- Etsy
- Eurostar
- Eventbrite
- Everlane
- Evernote
- Expensify
- Express Glasses
- Eye Buy Direct
- FabFitFun
- Fabletics
- Facet
- Fancy
- Farm Rio
- Fashion Fair
- Fashion Nova
- Feedly
- Feelunique
- Fenwick
- Figma
- Finimize
- Firebox
- Fitbit
- Fiverr
- Fleur & Bee
- Flipd
- Flodesk
- Fluent
- Flybe
- Foodvisor
- Ford
- Forest
- Forever 21
- Fortnum & Mason
- Fossil
- Framebridge
- Framer
- FreeCodeCamp
- Freedom Japanese Market
- Freetrade
- Front
- Ftsny
- Fullstory
- Furniture Village
- Fyrn
- GMC
- GameStop
- Gap
- GatherContent
- Ghost
- Ghost Bed
- GitHub
- Glasses USA
- Glo
- Glossybox
- Go-Jek
- GoDaddy
- Goat
- Gobble
- Goggles4u
- Goldsmiths
- Gorillas
- Gousto
- Grab
- Graham and Green
- Grammarly
- Graze
- Greats
- Green Chef
- GreenRush
- Groupon
- Grubhub
- Guess
- Gumroad
- Gymshark
- Gyroscope
- H&M
- H.Samuel
- HVMN
- Habitat
- Harrods
- Harry's
- Harvey Nichols
- Hastens
- HauteLook
- Headspace
- Height
- Helix
- HelloFresh
- Help Scout
- Hey
- Hipmunk
- Hobby Lobby
- Home Depot
- HomeGoods
- Honda
- Honest
- Honey
- HostGator
- HotelTonight
- Hotjar
- House Curious
- House of Fraser
- Houzz
- HubSpot
- HubSpot CRM
- Huel
- Hulu
- Hungry House
- Hutch
- InMotion Hosting
- InVision
- Infoempleo
- Infojobs
- Instacart
- Interact
- Intercom
- Ipsy
- J.Crew
- JCPenney
- Jaguar
- Jessops
- Jet2
- JetBlue
- Jira
- Job Today
- Jump Bikes
- Just Eat
- Kay
- Khan Academy
- Klarna
- LTHR Supply
- Lancôme
- Landbot
- Lane Bryant
- Launchaco
- Leadpages
- Leesa
- Lemonade
- Lexus
- Liberty London
- Lifesum
- Lime
- Linear
- Linjer
- Linktree
- Litmus
- Loaf
- London Virgin Hair
- Lookfantastic
- Loom
- Loot Crate
- Lowes
- Lululemon
- Luma
- Lyft
- MAC Cosmetics
- MDMflow
- MVMT
- Mack Weldon
- Macy's
- Made
- Magento
- Mailchimp
- MapMyGut
- Marley Spoon
- MasterClass
- Mayvenn
- MeUndies
- Meadow
- Medium
- Memrise
- Menards
- Mercari
- Mercedes-Benz
- MetaMask
- Michaels
- Microsoft Teams
- Mini
- Miro
- Miss Selfridge
- Missguided
- Misto Box
- Mitsubishi cars
- Mixpanel
- Monday
- Moneybox
- Mont Blanc
- Monzo
- Moo
- Moonpig
- Morning Brew
- Morning Recovery
- Muttonhead
- My First Wig
- MyFitnessPal
- N26
- Nars Cosmetics
- NerdWallet
- Nest Furniture
- Netflix
- New Look
- Newegg
- Nicely Noted
- Nike
- No Mercy / No Malice
- Nomatic
- Noom
- Nordstrom
- Nordstrom Rack
- Notion
- Notonthehighstreet
- Now TV
- Nugg
- Ocado
- OfferUp
- Officevibe
- Old Navy
- Omega
- OpenSea
- OpenTable
- Otiumberg
- Outdoor Voices
- Overstock
- Ozone Socks
- PandaDoc
- Pandora
- Patreon
- Paula's Choice Skincare
- PayPal
- Peloton
- Picniic
- Pier 1
- Pipedrive
- Pitch
- Pizza Express
- Plated
- Plum
- Pluralsight
- Podia
- Poshmark
- Postmates
- Pottery Barn
- PrettyLittleThing
- Primark
- Process Street
- Puma
- Purple
- QVC
- Quibi
- QuickBooks
- Quill
- Quizlet
- Quora
- REI
- Racket
- Raymond Weil
- Redbubble
- Reflectly
- Replit
- Retool
- Revolut
- Rezi
- Ripcurl
- Robinhood
- Runkeeper
- SNKRS by Nike
- Sally Beauty
- SavvyCal
- Scentbird
- Scribd
- Seamless
- Search Metrics
- Selfridges
- Sephora
- ServiceNow
- Shop.com
- Shopify
- Shpock
- Shudder
- Shwood and Stanley
- Simba
- Skillshare
- Skyscanner
- Slack
- Slite
- Snapchat
- Society6
- Sock Fancy
- SoloLearn
- SoundCloud
- Southwest
- Soylent
- SpeedWeed
- Spotify
- Spreadshirt
- Square
- Squarespace
- Squarespace Scheduling
- Staples
- Starbucks
- Steam
- Stitch Fix
- Stone Forest
- Strava
- Strikingly
- Stripe
- Substack
- SumUp
- Sun Basket
- Sunsama
- Superdrug
- SurveyMonkey
- Swarovski
- Sweatcoin
- Swoon
- TRNK
- Tag Heuer
- Tally
- Target
- Taste Trunk
- Teachable
- Teachlr
- Techcrunch
- Ted Baker
- TeePublic
- Tempur
- Tempur-Pedic
- Tesla
- The Hustle
- The Inbox
- The Jewel Hut
- The New York Times
- The Ordinary
- The White Company
- Thinx
- Threadless
- Thryve
- Tidal
- Tide.fm
- Tiffany & Co
- TikTok
- Tinder
- Todoist
- Tommy John
- Topshop
- TouchNote
- Trainline
- TransferWise
- Trello
- Triibe
- TripAdvisor
- Trivago
- Trustpilot
- Tuft & Needle
- TunnelBear
- Twitch
- Typeform
- UNIQLO
- Uber
- Uber Eats
- Udacity
- Udemy
- Ulta
- Unbounce
- UncommonGoods
- United
- Universe
- Upwork
- Urban Outfitters
- VSCO
- Vessi
- Victoria's Secret
- Vimeo
- Vinted
- Viome
- Virgin Atlantic
- Vistaprint
- Voog
- Vueling
- WW (Weight Watchers)
- WalMart
- Walgreens
- Wallapop
- Wallshoppe
- Warby Parker
- Watch Shop
- Watch Station
- Watches.com
- Wattpad
- Wayfair
- Waze
- Wealthsimple
- Webflow
- Weebly
- West Elm
- Whimsical
- Williams Sonoma
- Winc
- Wise
- Wistia
- Wix
- WooCommerce
- WordPress
- World Market
- Wowcher
- YNAB
- YouTube
- YouTube Music
- Zales
- Zapier
- Zara
- Zazzle
- Zendesk
- Zero
- Zoe & Morgan
- Zoopla
- Zulily
- eBay
- eToro
- fort-mysers-islands-beaches-and-neighborhoods
- uBiome
The New York Times Customer
Subscribed 2 years, 11 months ago
<!DOCTYPE html>
<html xmlns="//www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml">
<head>
<title>
DealBook: Tracking Wall Street fear
</title>
<!--[if !mso]><!-- -->
<meta content="IE=edge" http-equiv="X-UA-Compatible"/>
<!--<![endif]-->
<meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
<meta content="width=device-width,initial-scale=1" name="viewport"/>
<style type="text/css">
#outlook a{padding:0}body{margin:0;padding:0;-webkit-text-size-adjust:100%;-ms-text-size-adjust:100%}table,td{border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0}img{border:0;height:auto;line-height:100%;outline:0;text-decoration:none;-ms-interpolation-mode:bicubic}p{display:block;margin:13px 0}p,ul{margin-top:0}@media (max-width:600px){body{padding:0 15px!important}}
</style>
<!--[if mso]>
<xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
<o:PixelsPerInch>96</o:PixelsPerInch>
</o:OfficeDocumentSettings>
</xml>
<![endif]-->
<style type="text/css">
@media (max-width:480px){.css-9djnv9{padding:20px 0 0!important}}@media (max-width:480px){.css-1nu1ipb img{width:100%!important}}.css-5nb5nb:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:600px){.css-13ktpoc{height:auto!important;padding-top:5px!important}}@media (max-width:480px){.css-1ukdnh3{padding-top:6px!important;padding-bottom:15px!important;line-height:12px!important}}@media (max-width:480px){.css-atnqj9{font-size:normal 12px!important}}@media (max-width:480px){.css-hpkdsj{font-size:normal 11px!important}}@media (max-width:480px){.css-fd883z{height:10px!important}}@media (max-width:480px){.css-12n1aic{font-size:25px!important;line-height:30px!important}}@media (max-width:600px){.css-ivj8p2{width:100%!important;height:auto!important}}@media (max-width:480px){.css-27qc8p{padding-left:30px!important}}@media (max-width:480px){.css-11scvta{line-height:25px!important}}@media (max-width:480px){.css-1ptb5x6{padding:10px 0 26px!important}}@media (max-width:480px){.css-1uqm1ol{margin:0 0 20px!important}}@media (max-width:480px){.css-1expd9{vertical-align:top!important;display:block!important;width:100%!important;padding:0 14px!important}}@media (max-width:480px){.css-1q4lnbl{margin-bottom:5px!important;letter-spacing:.5px!important}}@media (max-width:600px){.css-132hdgt{font-size:17px!important;line-height:25px!important}}.css-1iyjcs6:hover{border-bottom:none!important}.css-14cwm9a:hover{border-bottom:none!important}.css-1vpmr0r:hover{-webkit-text-decoration:none!important;text-decoration:none!important}@media (max-width:480px){.css-ge16ha{display:inline-block}}@media (max-width:480px){.css-g1j07a{border-right:1px solid #dcdcdc!important;padding-right:10px!important;margin-right:10px!important}}@media (max-width:480px){.css-5zpqw8{display:inline-block!important}}
</style>
</head>
<body>
<div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;">
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252FoNHNSsNd_v8zH2gc9T8cZg~~%252FAAAAAQA~%252FRgRkjvwdPVcDbnl0QgpimB13rGLj053QUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiJ9:1o2BKk:ajyja-oS8MCIHqCFLIjIUtsZYBZfbxoZMiJmpY6TI9U" width="1"/>
</div>
<div style="display:none;font-size:1px;color:#fff;line-height:1px;max-height:0;max-width:0;opacity:0;overflow:hidden">
Plus, bankers are preparing for a wave of bankruptcies.
</div>
<div>
<!--[if mso | IE]>
<table border="0" cellpadding="0" cellspacing="0" style="margin-right: auto; margin-left: auto" width="600" align="center">
<tr>
<td>
<![endif]-->
<table align="left" bgcolor="#FFFFFF" border="0" style="margin:0" width="100%">
<tbody>
<tr>
<td align="left" id="EMAIL_CONTAINER" width="100%">
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr style="width:100%">
<td style="padding:15px 0 5px;border-bottom:1px solid #dcdcdc;text-align:center;width:100%">
<div style="font-family:arial,sans-serif;font-size:12px;text-align:center;width:100%;padding-bottom:10px">
<a alt="View in browser" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px">
View in browser
</a>
<span style="color:#dcdcdc;margin:0 10px">
|
</span>
<a alt="The New York Times" style="color:#666;-webkit-text-decoration:none;text-decoration:none;line-height:18px">
nytimes.com
</a>
</div>
<a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
Continue reading the main story
</a>
<span style="width:100%;text-align:center">
<table align="center" border="0" cellpadding="0" cellspacing="0">
<tr>
<td align="center" colspan="2">
<a rel="nofollow">
<img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269024%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220617/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1o2BKk:opuioH9kTEvHBRQTKtbbd5DHCyU9cK_dHd9as3boWLQ" style="width: 100%; max-width: 600px !important;" width="600"/>
</a>
</td>
</tr>
<tr>
<td height="10px">
</td>
</tr>
</table>
</span>
</td>
</tr>
<tr id="_a11y-skip-ad-marquee" style="width:100%">
<td align="center" class="css-9djnv9 e2w5h5p0" style="border-bottom:1px solid #dcdcdc;padding:19px 0 0;width:100%;text-align:center" width="100%">
<div class="css-1nu1ipb e2w5h5p2" style="margin-bottom:15px">
<a alt="DealBook">
<img alt="DealBook" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Femail-images%252FNew_Headers%252FNYT-Headers-F-DealBook%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1o2BKk:8JMOjdUFH03WyRszTH7-W28VjtM8PBIqN01rlVO_gt8" style="width:300px" width="300"/>
</a>
</div>
<p style="width:100%;margin-bottom:31px;font:12px/12px georgia,serif">
June 17, 2022
</p>
<div>
<a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
Continue reading the main story
</a>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding-top:18px;padding-bottom:23px;border-top:1px solid #dcdcdc">
<table align="center" style="margin:0 auto;text-align:center;color:#8b8b8b;font:400 11px/12px arial,sans-serif;letter-spacing:.8px">
<tbody>
<tr>
<td>
<span>
SUPPORTED BY
</span>
</td>
<td>
<a style="line-height:20px;display:inline-block;padding-left:5px">
<img alt="SUPPORTED BY logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252Fdealbook%252FDarktrace%2520Logo-02%255B1%255D%2520%25281%2529.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1o2BKk:8JMOjdUFH03WyRszTH7-W28VjtM8PBIqN01rlVO_gt8" style="display:block;height:15px;max-height:15px;max-width:150px;font-size:0"/>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</div>
</td>
</tr>
<tr>
<td height="20" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div id="_a11y-skip-ad-supported-by" style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-style:italic;font-size:inherit">
Good morning. (Was this newsletter forwarded to you?
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Sign up here.
</a>
</span>
<span style="font-style:italic;font-size:inherit">
)
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="10" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="25" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<table cellpadding="0" cellspacing="0" style="border-spacing:0;font-family:arial,sans-serif;color:#333;padding:0;background:#fff" width="100%">
<tbody>
<tr>
<td style="width:100%;padding:0;line-height:1" width="100%">
<img class="css-13ktpoc e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2022%252F06%252F17%252Fmultimedia%252F17dbmarketdown%252F17dbmarketdown-articleLarge.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1o2BKk:8JMOjdUFH03WyRszTH7-W28VjtM8PBIqN01rlVO_gt8" style="display:block;width:100%;height:auto;padding-top:5px"/>
</td>
</tr>
<tr>
<td align="left" class="css-1ukdnh3 esd8w5v1" style="text-align:left;width:100%;padding-top:8px;padding-bottom:15px;line-height:14px" width="100%">
<span>
<span class="css-atnqj9 esd8w5v2" style="margin:0;font:normal 14px georgia,serif;color:#666">
Going down.
</span>
<span class="css-hpkdsj esd8w5v3" style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
Justin Lane/EPA, via Shutterstock
</span>
</span>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td class="css-fd883z eagip7l0" height="20" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Wall of worry
</h2>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The U.S. stock market, as measured by the S&P 500,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
tumbled more than 3 percent yesterday
</a>
, dragging it deeper into bear market territory. This morning, futures markets suggest there will be a rebound, but the S&P is still well on track to record its 10th weekly decline of the past 11 weeks.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Bull markets are often said to climb a wall of worry, with occasional slips along the way. When bear markets rappel, there are also periodic pauses for breath. That has been the theme of late, with investors veering from relief that policymakers are taking aggressive actions to rein in inflation to fear about the effect those actions may have on economic growth.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
One of the best bets recently has been volatility.
</span>
The VIX volatility index, which is commonly called the “fear index” because it tracks investors’ demand for a type of financial instrument that offers protection against market drops, has more than doubled in the past year, to well over 30. The index had fallen to around 15 at times during the second half of last year, its lowest level since the start of the pandemic.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<table cellpadding="0" cellspacing="0" style="border-spacing:0;font-family:arial,sans-serif;color:#333;padding:0;background:#fff" width="100%">
<tbody>
<tr>
<td align="center" style="width:100%;padding:0;line-height:1;text-align:center" width="100%">
<img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2022%252F06%252F17%252Fbusiness%252F17db-vix%252F17db-vix-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1o2BKk:8JMOjdUFH03WyRszTH7-W28VjtM8PBIqN01rlVO_gt8" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The reasons for the stock market’s downward lurches are well established at this point:
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A mixture of
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
supply chain issues
</span>
and a hot economy has caused prices to surge.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
In order to fight inflation, the Fed is
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
raising interest rates
</span>
aggressively.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Investors are worried that the Fed’s efforts will tip the economy into
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
recession
</span>
.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
There’s also a lingering
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
pandemic
</span>
, and a
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
war in Europe
</span>
.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="center" style="padding:0">
<a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
Continue reading the main story
</a>
</td>
</tr>
</tbody>
</table>
</div>
<div class="css-1ptb5x6 e5441wg0" style="margin:0 auto;max-width:600px;width:100%;padding:10px 0 27px">
<table bgcolor="#f8f8f8" cellpadding="0" style="background-color:#f8f8f8" width="100%">
<tbody>
<tr>
<td colspan="1" height="16" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td colspan="1">
<h3 class="css-1uqm1ol e1qijxl60" style="font:10px/10px arial,sans-serif;letter-spacing:.1em;color:#5a5a5a;text-align:center;text-transform:uppercase;margin:0 0 14px">
A MESSAGE FROM
<!-- -->
Darktrace
</h3>
</td>
</tr>
<tr>
<td class="css-1expd9 e1d3q5wz0" style="vertical-align:middle;width:50%;padding:8px 16px 1px;box-sizing:border-box" valign="middle" width="50%">
<a style="-webkit-text-decoration:none;text-decoration:none;display:block">
<p style="font:700 20px/28px georgia,serif;color:#121212;margin:0 0 4px">
Protect your critical infrastructure with A.I.
</p>
<p style="font:16px/22px georgia,serif;color:#121212;margin:0 0 19px">
Cybercriminals are targeting critical infrastructure, seeking huge ransom payments or looking to cause disruption. As I.T. and O.T. continue to converge, unified coverage of both environments has become crucial. Darktrace’s Self-Learning A.I. is the only technology that autonomously defends against novel cyberattacks, taking targeted action to stop attackers in their tracks.
</p>
<p style="font:700 10px/10px arial,sans-serif;text-transform:uppercase;-webkit-text-decoration:underline;text-decoration:underline;color:#5a5a5a;margin:0 0 20px">
Learn more >
</p>
<img alt="Darktrace Logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252Fdealbook%252FDarktrace%2520Logo-02%255B1%255D%2520%25281%2529.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1o2BKk:8JMOjdUFH03WyRszTH7-W28VjtM8PBIqN01rlVO_gt8" style="height:15px;max-width:150px"/>
</a>
</td>
</tr>
<tr>
<td colspan="1" height="16" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div id="_a11y-skip-native-0" style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The stock market itself can be an economic concern, too.
</span>
In all, the drop in stocks this year has erased about $12 trillion in value from investors’ portfolios. That’s already more than the $8 trillion decline in 2008, during the most severe financial crisis in a century, although on a percentage basis the 2008 drop was bigger. Over time, the rise and fall of stocks can propel and drag the economy via something economists call the wealth effect — when people feel poorer, even if their losses are mostly on paper, they may not spend as much, denting the economy.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Analysts say the market isn’t likely to recover until there are signs that inflation is under control
</span>
. Lower inflation would, in turn, take pressure off the Fed and other central banks to raise rates quickly, reversing the negative feedback loop the market and the economy seem to be stuck in.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
For now, investors are betting that volatility is here to stay.
</span>
Normally, when the VIX spikes, bets on where the index will trade a few months in the future are much lower than the current level. That’s not the case now. Investors are currently betting the VIX will end the year at just under 30, down only slightly from today, and much higher than the longer-term trend. The VIX has averaged about 20 over the past five years.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
We want to hear from you.
</span>
<br/>
Tell us about your experience with this newsletter
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
by answering this short survey.
</a>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="center" style="padding:0">
<a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
Continue reading the main story
</a>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="10px" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
<h3 class="css-1q4lnbl e1vokjcl1" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
ADVERTISEMENT
</h3>
<span style="width:100%;text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin: 0 auto;">
<tr>
<td colspan="2">
<a rel="nofollow">
<img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220617/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1o2BKk:opuioH9kTEvHBRQTKtbbd5DHCyU9cK_dHd9as3boWLQ" style="width: 100%; max-width: 600px !important;" width="600"/>
</a>
</td>
</tr>
</table>
</span>
</td>
</tr>
<tr>
<td height="20px" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div id="_a11y-skip-universal-1" style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="25" style="padding:0;font-size:0" width="100%">
</td>
</tr>
<tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
HERE’S WHAT’S HAPPENING
</h3>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The Jan. 6 committee hearings focus on all the president’s men
</span>
. A top lawyer for former vice president Mike Pence said Donald Trump and the lawyer John Eastman were told Trump’s
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
plan to overturn the 2020 election
</a>
was illegal. In another twist, YouTube
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
deleted a portion of the hearing uploaded
</a>
by the Jan. 6 committee that focused on lies Donald Trump spread, saying the committee was spreading misinformation.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Russia puts the economic squeeze on European leaders in Ukraine.
</span>
As the heads of state of Germany, France and Italy met with President Volodymyr Zelensky of Ukraine, Russia
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
cut flows to Europe’s most important natural gas pipeline
</a>
. The decrease in supply is
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
raising prices
</a>
, and Russia hinted there would be more supply reductions to come.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
SpaceX fires employees who helped write and distribute a letter denouncing Elon Musk.
</span>
Gwynne Shotwell, SpaceX’s president and chief operating officer,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
said in an email to employees
</a>
that the process of creating and circulating the letter, which called Musk’s behavior a “
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
distraction and embarrassment
</a>
,” “made employees feel uncomfortable, intimidated and bullied.”
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Regulators investigate the crypto lender Celsius amid its meltdown.
</span>
The company is facing questions from securities law enforcers
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
in five states
</a>
while scrambling to remain solvent. Celsius’s previous backers have reportedly told the company, which has frozen withdrawals, that
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
they can’t help
</a>
. A growing
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
crypto crash
</a>
has caused heavy losses for individual and professional investors.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="center" style="padding:0">
<a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
Continue reading the main story
</a>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="10px" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
<h3 class="css-1q4lnbl e1vokjcl1" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
ADVERTISEMENT
</h3>
<span style="width:100%;text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin: 0 auto;">
<tr>
<td colspan="2">
<a rel="nofollow">
<img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220617/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1o2BKk:opuioH9kTEvHBRQTKtbbd5DHCyU9cK_dHd9as3boWLQ" style="width: 100%; max-width: 600px !important;" width="600"/>
</a>
</td>
</tr>
</table>
</span>
</td>
</tr>
<tr>
<td height="20px" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div id="_a11y-skip-universal-2" style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Michel David-Weill, the former chairman of Lazard, has died at 89,
</span>
the firm said. David-Weill was responsible for
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
uniting Lazard in the 1980s,
</a>
combining three independent partnerships in London, New York and Paris. “Michel’s presence, leadership and vision defined Lazard today,” the bank’s C.E.O. Ken Jacobs told DealBook, calling David-Weill an “excellent skeptic of conventional wisdom.”
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="10" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="25" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Is the bankruptcy stampede coming?
</h2>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Revlon, the 90-year-old cosmetics brand known for its signature shades of lipstick,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
filed for bankruptcy
</a>
yesterday. The company has struggled to deal with its $3.8 billion mountain of debt. Some of the factors that led to the bankruptcy were particular to Revlon, like debt-fueled deal-making led by the corporate raider Ron Perelman, and a brand that failed to compete against younger, hipper rivals. But others, advisers tell DealBook, are a harbinger of bankruptcies to follow. We hear bankers are already gearing up for what could be a busy fall for those who specialize in distressed debt and workouts.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="center" style="padding:0">
<a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
Continue reading the main story
</a>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="10px" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td style="padding:15px 0;border-top:1px solid #dcdcdc;border-bottom:1px solid #dcdcdc;text-align:center;background-color:#fff">
<h3 class="css-1q4lnbl e1vokjcl1" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
ADVERTISEMENT
</h3>
<span style="width:100%;text-align:center">
<table border="0" cellpadding="0" cellspacing="0" style="margin: 0 auto;">
<tr>
<td colspan="2">
<a rel="nofollow">
<img border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269021%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220617/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1o2BKk:opuioH9kTEvHBRQTKtbbd5DHCyU9cK_dHd9as3boWLQ" style="width: 100%; max-width: 600px !important;" width="600"/>
</a>
</td>
</tr>
</table>
</span>
</td>
</tr>
<tr>
<td height="20px" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div id="_a11y-skip-universal-3" style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Many of the bankruptcies we expected in 2020 did not happen.
</span>
A number of retailers that were already teetering toppled quickly into bankruptcy, like JCPenney and Neiman Marcus. But the Fed’s infusion of cash sustained companies that many expected to file for Chapter 11. (And certain industries, like airlines, were buffered by government bailouts.) Corporate bankruptcy filings actually
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
fell 5 percent
</a>
in 2020 and nearly
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
34 percent
</a>
in 2021. Some experts
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
warned
</a>
of a proliferation of zombie firms — companies that make just enough money to survive — and a subsequent drag on the broader economy. At the same time, these companies and others continued to rack up debt. U.S. corporate bond issuance
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
neared $2 trillion in 2020.
</a>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
So far this year, defaults on U.S. corporate debt are 40 percent lower than last year,
</span>
according to S&P Global. There have been only 15 to date. But there are signs this might soon change. The “distress ratio” — the proportion of the junk bond market that S&P says is showing signs of stress — nearly doubled over the last month to 4.3 percent from 2.4 percent, the biggest monthly jump since March 2020. (That is still low compared to historical averages.) And this week alone, investors withdrew $6.6 billion from funds that buy U.S. high-yield bonds, making it the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
worst week
</a>
for corporate bonds since March 2020.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
High inflation, rising interest rates and more cautious consumers may add to the distress.
</span>
So too will supply chain snarls, which are particularly challenging for companies without the financial flexibility to pay more for a scarce product, or to build and deplete inventory as needed. Retailers will be particularly vulnerable, given the heavy debt load that many are grappling with, including the decorations and festivities chain Party City and the department store Belk. (And one has to wonder whether the recently proposed debt-fueled
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
acquisition of the Kohl’s
</a>
department store chain is really a good idea.)
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“You can definitely tell the difference from the beginning of the year, when everybody was still kind of freaked out from the newest variant. This summer is going to jump off.”
</h2>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-style:italic;font-size:inherit">
— Jason Moore, the general manager of Everson Royce Bar in Los Angeles. Workers’ return to offices has also led to
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a rebound in the post-work tradition of happy hour
</a>
</span>
<span style="font-style:italic;font-size:inherit">
.
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
What a feud in pro golf says about competition
</h2>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
LIV Golf, a golf series lavishly funded by Saudi Arabia, is feuding with the PGA Tour, which has suspended 17 of its players for taking part in the upstart league. Neither antagonist arouses much sympathy,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
writes Peter Coy, our colleague from Times Opinion
</a>
who writes a newsletter for subscribers, but the battle does raise an interesting economic question: Can restraint of trade ever be a good thing? We talked to Peter about what golf’s battle royale can tell us about the state of competition policy.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
DealBook: Should the government step in to stop the PGA from banning golfers who join the LIV?
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Peter Coy: I think it’s a little soon for that. This is a family feud and the players need time to sort things out among themselves. If there is a lawsuit I’d think it would be filed by golfers, or maybe by LIV Golf. If they don’t see a reason to sue, it’s hard to see why the government would want to step in.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Do the antitrust questions that arise from the PGA-LIV clash apply to the debate about whether Facebook, Google and other Big Tech companies should be considered monopolies and broken up?
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Obviously there are huge differences between golf and tech but some of the underlying principles are the same. Most antitrust cases are decided based on the “rule of reason.” An organization that’s accused of anticompetitive behavior, whether it’s the PGA Tour or Google, can get out of trouble by showing that its actions are reasonable and actually benefit consumers.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The Biden administration has, in part, pointed to the recent rise in inflation as evidence that companies have too much power to raise prices. Does the golf industry support that thesis?
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
In general I agree that competition brings down prices, but in this case, the connection is hard to see. I don’t imagine that the two groups would compete by lowering the prices they charge the TV networks, tournament sponsors and so on. In fact, the competition between them is resulting in much bigger payouts to golfers. I’d expect the golfers to splash out their newfound wealth on cars and boats. This could be a weird case where competition raises inflation.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Subscribe Today
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Subscribe to The New York Times with this special offer.
</a>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="25" style="padding:0;font-size:0" width="100%">
</td>
</tr>
<tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
THE SPEED READ
</h3>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Deals
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Reddit is
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
buying the machine learning company Spell
</a>
for an undisclosed sum. (TechCrunch)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Amid the crypto downturn, Circle, issuer of the dollar-pegged stablecoin USDC, is launching a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
euro-backed stablecoin
</a>
. (Protocol)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The SoftBank-backed fintech app Klarna is reportedly
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
discussing raising money
</a>
at a valuation of less than half what investors pegged it at last year. (WSJ)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Policy
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Importers warn of more
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
supply delays
</a>
from a new forced labor law targeting China. (Politico)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A surprise Treasury
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
tax windfall
</a>
could interfere with plans to raise rates for the rich. (Politico)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Three environmental groups
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
sued the Biden administration
</a>
for granting thousands of fossil fuel drilling permits. (The Hill)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“Forty-nine states preordered vaccine doses for very young children. Florida
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
did not
</a>
.” (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Best of the rest
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Amazon C.E.O. Andy Jassy is focused on
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
undoing overexpansion
</a>
that was led by Jeff Bezos. (WSJ)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The gun control movement,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
better funded than it was a decade ago
</a>
, is still being outspent by the N.R.A. and other gun rights groups. (NYT)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
New York’s go-to luxury handbag restorer is
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
closing up shop
</a>
and heading to Florida. (NYT)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Robust sales at Art Basel in Miami reflect none of the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
tumult in the world
</a>
and markets. (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="10" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td bgcolor="#000000" height="8" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="25" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Thanks for reading! We’ll see you tomorrow.
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
We’d like your feedback. Please email thoughts and suggestions to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
dealbook@nytimes.com
</a>
.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="center" style="padding:0">
<a style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
Continue reading the main story
</a>
</td>
</tr>
</tbody>
</table>
</div>
<div style="overflow:hidden;height:0;width:100%;max-width:600px;margin:0 auto">
<table border="0" cellpadding="0" cellspacing="0" height="6" width="40">
<tbody>
<tr>
<td>
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967600%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220617%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1o2BKk:opuioH9kTEvHBRQTKtbbd5DHCyU9cK_dHd9as3boWLQ" width="2"/>
</td>
<td>
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967601%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220617%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1o2BKk:opuioH9kTEvHBRQTKtbbd5DHCyU9cK_dHd9as3boWLQ" width="2"/>
</td>
<td>
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967602%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220617%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1o2BKk:opuioH9kTEvHBRQTKtbbd5DHCyU9cK_dHd9as3boWLQ" width="2"/>
</td>
<td>
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967603%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220617%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1o2BKk:opuioH9kTEvHBRQTKtbbd5DHCyU9cK_dHd9as3boWLQ" width="2"/>
</td>
<td>
<img border="0" height="6" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D124967604%2526sz%253D2x1%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20220617%2526li%253DDK/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiJ9:1o2BKk:opuioH9kTEvHBRQTKtbbd5DHCyU9cK_dHd9as3boWLQ" width="2"/>
</td>
</tr>
</tbody>
</table>
</div>
<div id="_a11y-skip-tracking_unit-4" style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="15" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td style="padding-bottom:22px;border-top:1px solid #dcdcdc">
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span style="color:#000">
, Founder/Editor-at-Large,
<!-- -->
New York
</span>
<a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
@andrewrsorkin
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
Vivian Giang
</a>
<span style="color:#000">
, Deputy Editor,
<!-- -->
New York
</span>
<a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
@vivian_giang
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
Sarah Kessler
</a>
<span style="color:#000">
, Deputy Editor,
<!-- -->
Chicago
</span>
<a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
@sarahfkessler
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
Stephen Gandel
</a>
<span style="color:#000">
, News Editor,
<!-- -->
New York
</span>
<a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
@stephengandel
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
Michael J. de la Merced
</a>
<span style="color:#000">
, Reporter,
<!-- -->
London
</span>
<a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
@m_delamerced
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
Jenny Gross
</a>
<span style="color:#000">
, Reporter,
<!-- -->
London
</span>
<a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
@jggross
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif;padding-bottom:7px">
<a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
Lauren Hirsch
</a>
<span style="color:#000">
, Reporter,
<!-- -->
New York
</span>
<a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
@LaurenSHirsch
</a>
</td>
</tr>
<tr>
<td style="font:13px/18px arial,sans-serif">
<a class="css-1iyjcs6 e13692dx4" style="font-weight:600;color:#000;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc">
Ephrat Livni
</a>
<span style="color:#000">
, Reporter,
<!-- -->
Washington D.C.
</span>
<a class="css-14cwm9a e13692dx5" style="-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-bottom:1px solid #286ed0">
@el72champs
</a>
</td>
</tr>
<tr>
<td height="9" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td height="15" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td style="padding:12px 0;border-top:1px solid #000">
<p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:7px">
Need help? Review our
<!-- -->
<a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
newsletter help page
</a>
<!-- -->
or
<!-- -->
<a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
contact us
</a>
<!-- -->
for assistance.
</p>
<p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:7px">
<span>
You received this email because you signed up for DealBook from The New York Times.
</span>
</p>
<p display="block" font-size="12px" style="display:block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
To stop receiving these emails,
<!-- -->
<a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
unsubscribe
</a>
<!-- -->
or
<!-- -->
<a class="css-1vpmr0r et1n85g0" style="color:#286ed0;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;font-size:inherit">
manage
<span class="css-ge16ha e28ago31">
your email preferences
</span>
</a>
.
</p>
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding:10px 0">
<p style="display:inline-block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
<a class="css-g1j07a e28ago33" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
Subscribe to The Times
</a>
<span class="css-5zpqw8 e28ago34" style="display:none">
<a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
Get The New York Times app
</a>
</span>
</p>
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding:9px 0 8px">
<table>
<tbody>
<tr>
<td style="padding-right:15px">
<p style="display:inline-block;font:12px/15px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
Connect with us on:
</p>
</td>
<td style="padding-right:15px">
<a>
<img alt="twitter" height="25" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fsocial-icons%252Ftwitter.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1o2BKk:UD4LxxTfsn8JjiskDGTcZkJNMsQzMLOtQoNTOfEfyX4" style="vertical-align:middle" width="25"/>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding:8px 0">
<p style="display:inline-block;font:12px/20px arial,sans-serif;color:#666;text-align:left;margin-bottom:0">
<a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Change Your Email
</a>
<a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Privacy Policy
</a>
<a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px">
Contact Us
</a>
<a style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#286ed0">
California Notices
</a>
</p>
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding:5px 0 7px">
<a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;border-right:1px solid #dcdcdc;padding-right:10px;margin-right:10px;line-height:0">
<img alt="LiveIntent Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fliveintentads.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1o2BKk:UD4LxxTfsn8JjiskDGTcZkJNMsQzMLOtQoNTOfEfyX4" style="vertical-align:middle" width="150"/>
</a>
<a color="#666666" style="display:inline-block;-webkit-text-decoration:none;text-decoration:none;color:#666;line-height:0">
<img alt="AdChoices Logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic.nytimes.com%252Femail-images%252Fdesign-system%252Fads%252Fadchoices.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMubnl0aSJ9:1o2BKk:UD4LxxTfsn8JjiskDGTcZkJNMsQzMLOtQoNTOfEfyX4" style="vertical-align:middle" width="70"/>
</a>
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding:10px 0 30px">
<p color="#999999" style="display:inline-block;font:12px/15px arial,sans-serif;color:#999;text-align:left;margin-bottom:0">
The New York Times Company. 620 Eighth Avenue New York, NY 10018
</p>
</td>
</tr>
</tbody>
</table>
</div>
</td>
</tr>
</tbody>
</table>
<!--[if mso | IE]>
</td>
</tr>
</table>
<![endif]-->
</div>
<script>
window&&window.parent.window!==window&&function(){const e=document;for(var t=e.querySelectorAll("a"),r=0;r<t.length;r++)t[r].onclick=function(e){e.preventDefault()},t[r].style.cursor="default";(e.referrer.match(new RegExp("https://(.*?).nytimes.com"))||e.referrer.match("https://nytimes.com"))&&window.parent.postMessage({tableHeight:e.querySelector("table").scrollHeight},e.referrer)}()
</script>
<img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fnl.nytimes.com%252Fq%252F0Hm3OtWG35xtyM4buWnyNg~~%252FAAAAAQA~%252FRgRkjvwdPlcDbnl0QgpimB13rGLj053QUhNhZThiODM5YkB1aWZlZWQuY29tWAQAAAAA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZubC5ueXRpbWVzLiJ9:1o2BKk:ajyja-oS8MCIHqCFLIjIUtsZYBZfbxoZMiJmpY6TI9U" width="1"/>
</body>
</html>
1 year, 10 months ago - nytdirect@nytimes.com
DealBook: Tracking Wall Street fear
Plus, bankers are preparing for a wave of bankruptcies. View in browser|nytimes.comContinue readi...